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Union Bank applies for international license

Union Bank Plc says it will soon apply for an international license from the Central Bank of Nigeria (CBN) to have off-shore branches. Mr Francis Barde, Head of Corporate Affairs of the bank, told the News Agency of Nigeria (NAN) in Lagos on Friday that the bank would start the process after its recapitalisation exercise.

Barde said that the bank was making tremendous progress after its problems and that the bank was now in a position to expand internationally. “Our size gives the bank the comfort to go for an international licence which will positively affect our operations,” he said. Barde said that the recapitalisation would be accomplished before the branch expansion would be embarked upon.

According to him, the recapitalisation process will provide a platform to restore the bank to its former competitive position in the financial sector. Union Bank is one of the troubled banks whose managements were sacked by the apex bank.


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